Now the US Treasury is telling Europe that Germany has been wrong. The numbers today from Europe confirm the view.
Previously on
MoreLiver’s:
EUROPE
'Nationalism and
xenophobia' on rise ahead of European elections – Reuters
European Commission President Jose Manuel Barroso has warned against
nationalism, xenophobia and racism ahead of European Parliament elections next
year, when anti-EU and protest parties are expected to do well.
In most European countries, per capita GDP is currently lower than it
was six years ago. Worse still, many Europeans appear to have concluded that
economic growth does more harm than good in environmental and social terms.
GERMANY
Report to Congress on
International Economic and Exchange Rate Policies – US
Treasury
Germany’s anemic pace of domestic demand growth and dependence on
exports have hampered rebalancing at a time when many other euro – area
countries have been under severe pressure to curb demand and compress imports
in order to promote adjustment. The net result has been a deflationary bias for
the euro area, as well as for the world economy.
The EU would be
better led by Angela Merkel and Christine Lagarde – Presseurop
Second-best seems good enough when it comes to deciding on Europe’s top jobs, says
Tony Barber.
It’s Not Germany’s
Fault Europe Is Turning Japanese – WSJ
EUROPEAN CENTRAL BANK
ECB establishes
standing swap arrangements with other central banks – ECB
Central Banks Make
Swaps Permanent as Crisis Backstop – BB
Euro Gains Seen as
ECB Bank Test Sparks Repatriation: Currencies – BB
The euro, which reached a two-year high versus the dollar this month, is
poised to extend its gains as the ECB’s audit of the region’s financial system
encourages lenders to repatriate overseas assets.
‘Sharp euro zone
inflation drop, record joblessness add to ECB conundrum – Reuters
Euro zone inflation dropped sharply to nearly four-year lows in October
and unemployment stuck at record highs in September, increasing pressure on the
European Central Bank to do more to protect economic recovery.
INFLATION & EMPLOYMENT
Lower oil prices and stronger euro push inflation down to 0.7% - Nordea
Or read the summary
Euro falls, Bund
futures hit two-month high on low inflation – Reuters
Europe Stuns With "Surprising" Record High
Unemployment Print, Inflation At 4 Year Low; Euro Tumbles – ZH
Weak Inflation,
Current Account Surplus. Euro Looks More and More Yen-Like – WSJ
Shock low euro zone
inflation – what the economists say – Reuters
Macro Alert: Europe
heads towards disinflation – TradingFloor
There is a major a
shift in European economic data indicating that Europe is heading towards
disinflation, which from a policymaker's perspective is the worst of all evils
in economics. Europe now has less inflation than Japan. Japanisation is ahead.
Euro area unemployment rate at 12.2% - Eurostat
Euro area annual inflation down to 0.7% - Eurostat
PIIGS
Mediobanca hints at
Italian euro exit unless Germany shifts on EMU policy – The
Telegraph
The exchange rate is bringing Italy's worrying matters
to a head.
UNITED STATES
Why the Fed can't
taper
– Coppola
Comment
A Bit on the Hawkish
Side
– Tim
Duy’s Fed Watch
The FOMC statement is slightly on the hawkish side, opening the door to
tapering sooner than March. The argument against tapering sooner is that the
Fed needs to see both stronger and sustainable data. But a bias against asset purchases suggests
the bar is lower, with just sustainable data needed.
Yalies Yellen-Hamada
Put Tobin Twist Theory to Work in QE – BB
…MACRO NUMBERS…
Weekly Consumer Comfort Index Tumbles To Lowest Since October 2012 – ZH
Chicago PMI Blows the Door
Off Expectations – Bespoke
Chicago PMI Explodes Most On
Record To 31-Month High; Biggest Beat Ever – ZH
No shutdown in U.S. Midwest as business activity index surges – Reuters
Chicago PMI up 10.2 to 65.9 in October – ISM
Barometer highest since March 2011,
Production, New Orders, Order Backlogs posted double digit gains
ASIA
BOJ Beat: Five
Takeaways from Prices Outlook – WSJ
The Bank of Japan
Thursday released its latest semiannual outlook on growth and prices.
BOJ Beat: Kuroda
Balances Inflation Targets and His Board – WSJ
FINNISH
Eurokriisiä ratkoo uusi mies – HS
Tuomas
Saarenheimo ei halua joutua samanlaisiin tilanteisiin kuin edeltäjä Martti
Hetemäki
Oudot sijoitustemput eläkerahalla jäävät
piiloon – HS
VM:n Taos: Osakeomistusten julkisuutta
edistetään yhä – HS
Kuinka kauan musiikki soi? vol.1 – Nordnet
Kuinka moni naapurisi tienaa vähemmän kuin
sinä? Kokeile itse laskurilla – YLE
Suomalaisten
tulot jakaantuvat yhden postinumeroalueen sisällä usein erittäin epätasaisesti,
selviää Yle Uutisten tulotietolaskurista.
Urpilainen: ”Harmaa talous ei ole
mielikuvitusta” – TE
Saksalaislehti: Suomi on yksi euroalueen
"uusista ongelmalapsista" – TE
Suomen ulkoministeriö laajan verkkovakoilun
kohteena vuosia – MTV3